Former BHS owner Dominic Chappell to be prosecuted by pensions regulator

Dominic Chappell

Dominic Chappell, the former BHS owner, is to be prosecuted by The Pensions Regulator for failing to provide information to an investigation into the sale of the collapsed retailer.

Mr Chappell headed up Retail Acquisitions, the company that acquired BHS for £1 from billionaire Sir Philip Green in 2015.

The TPR said it is prosecuting Mr Chappell for failing to comply with three notices issued under Section 72 of the Pensions Act 2004.

Sir Philip Green sold BHS to Chappell in 2015 for just £1 (PA)

The notices were issued to Mr Chappell on April 26 2016, May 13 2016 and February 20 2017, it added.

Mr Chappell has been summonsed to appear at Brighton Magistrates’ Court on September 20 2017 to face three charges of neglecting or refusing to provide information and documents without a reasonable excuse.

BHS plunged into administration last year, impacting 11,000 jobs and around 19,000 pension holders, leaving a £571 million pension deficit.

BHS went into administration last year (Lauren Hurley/PA)

The Pensions Regulator has pledged to flex its muscles recently, saying in July that it “will not hesitate” to prosecute companies or individuals if they refuse to hand over information.

After a drawn-out saga that included a parliamentary inquiry and public outcry over both Mr Chappell’s and Sir Philip’s conduct, the Topshop tycoon agreed to pay £363 million to settle the BHS pension scheme in February.

Under Mr Chappell’s tenure as owner of BHS, £8.4 million was taken out of the chain by Retail Acquisitions, with £6 million still owed when it collapsed last year.

Retail Acquisitions was put into liquidation in May although Mr Chappell, a former bankrupt, said at the time he would challenge the court ruling.

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Posted on August 24, 2017, in #retail, #uk, Other. Bookmark the permalink. Leave a comment.

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